Saudi-based Retal Urban Development Company has signed a conditional development agreement with the kingdom's National Housing Company (NHC) to develop residential villas within the master plan of the East Albuhirat project in port city of Jeddah.

Spread over a total area of 98,098.55 sq m, the East Albuhirat project will boast a total of 327 residential units, said Retal in its filing to Saudi bourse Tadawul.

The total value of the project is estimated at SR418.3 million ($111.5 million) including the value of the land and will be financed mainly based on the off-plan sales and partially on self-financing, it stated.

According to Retal, construction activities will start the next day of land handover by NHC and will be completed within three and a half years.

The project is expected to have a positive impact on the company's results after the issuance of the off-plan sale permit and the start of sales and implementation, it added.

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